Japanese Candlesticks Analysis 02.09.2022 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, after forming an Inverted Hammer reversal pattern close to the support area, EURUSD may reverse in the form of a new ascending impulse. In this case, the upside correctional target may be at 1.0025. However, an alternative scenario implies that the price may fall to break 0.9890 and continue the downtrend without any pullbacks up to the resistance level.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed a Hanging Man reversal pattern not far from the resistance level. At the moment, the asset may reverse and form a correctional impulse. In this case, the downside correctional target may be at 139.35. At the same time, the opposite scenario implies that the price may grow to reach 141.40 and continue the uptrend without any pullbacks down to the support area.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming a Harami reversal pattern near the support area, EURGBP is reversing in the form of a new bullish impulse. In this case, the upside target may be the resistance level at 0.8655. Later, the market may test this level, break it, and continue moving upwards. Still, there might be an alternative scenario, in which the asset may correct to reach 0.8600 before resuming the uptrend.